Algeria and India Forge Strong Bilateral Economic and Financial Ties
BY: Hana Saada
ALGIERS- The historical relations between Algeria and India, rooted even before the independence of Algeria, are set to experience renewed dynamism as the two nations forge a new win-win partnership aimed at enhancing various areas of economic and financial cooperation.
A significant step towards strengthening bilateral economic and financial relations occurred on Wednesday, during a high-level meeting between Algeria’s Minister of Finance, Laaziz Faid, and the Indian Ambassador to Algeria, Gaurav Ahwalia.
In a press release issued by the Ministry of Finance, it was stated that the meeting provided an excellent opportunity to assess the current state of bilateral economic and financial relations and explore prospects for further development, particularly in the financial sector.
The discussions during the meeting led to a consensus on the urgent need to reinforce the legal framework governing bilateral cooperation. Both parties agreed to expedite discussions for the rapid conclusion of an agreement on the avoidance of double taxation, a customs cooperation agreement, and, in the future, an agreement on the promotion and reciprocal protection of investments.
Highlighting the efforts undertaken by the Algerian government to improve the business climate and attract foreign direct investment, Minister Laaziz Faid expressed a desire to witness a greater commitment from Indian companies in Algeria, particularly with regards to the legal framework that will be established.
To facilitate more fruitful exchanges, the two parties decided to initiate a series of meetings, involving not only official representatives but also economic operators from both nations.
During the meeting, Minister Faid also took the opportunity to reiterate Algeria’s request for membership in the New Development Bank (NDB), a financial institution established by the BRICS countries.
In response, he conveyed Algeria’s expectation of India’s support in expediting the country’s membership in the NDB, citing the long-standing tradition of mutual support in multilateral forums that characterizes the bilateral relations between the two countries.
Both parties reasserted their unwavering commitment to elevating cooperation between Algeria and India to new heights of mutually beneficial partnership.
The promising developments resulting from this meeting have set the stage for an exciting new chapter in the longstanding relationship between Algeria and India. As both nations explore new avenues for collaboration and investment, it is evident that this partnership will usher in a period of prosperity and growth for the economies of both countries.
